Sept 28, 2011 (LBO) – An initial public offer by Sri Lanka’s Trade Finance and Investments Limited (TIFL) was over-subscribed on the opening day Wednesday. Corporate Services (Pvt.) Ltd, registrars to the offer, told the Colombo Stock Exchange that the IPO would be closed at 4.30 p.m. Wednesday.
Trade Finance and Investments offered six million ordinary voting shares at 20 rupees each to be listed on the ‘Diri Savi’ second board of the Colombo Stock Exchange.
It plans to raise 120 million rupees from the IPO which would be used to enhance stated capital of the company to enable TIFL to expand their lending portfolio, the company has said.
The funds would also be used to open new branches to expand the deposit base of the firm, providing additional funding with which to grow its operations.